NOV 24, 2022
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xOOOOOOOO
Nifty Bank Outlook (42729)
Bank Nifty started with a gap-up opening above the recent
consolidation range. As the day progressed, we witnessed an
extension of up move however during the fag end there was some
profit booking to eventually end with gains of 0.64% at 42729.
Banking space continues to be an outperformer as they continue
with their merry run especially the PSU counter as the PSU Bank
Index ended with gains of over a percent. Bank Nifty has broken
above the recent consolidation range and now previous resistance
around 42600 - 42500 is likely to act as support in case of any
intraday dip. On the flip side, for the expiry session, 43000 - 43230
is likely to act as resistance. The real action, however, may continue
to remain outside the index and hence we reiterate keeping the
focus on the stock-centric approach.
Ke
y Levels
Support 1 – 42600 Resistance 1 – 43000
Support 2 – 42500 Resistance 2 – 43230
Exhibit 1: Nifty
Daily
Chart
Exhibit 2: Nifty Bank Daily Chart
Sensex (61511) / Nifty (18267)
The Indian equity market started the day on a promising note with
a decent gap up in the benchmark index, but the bulls failed to
capitalize on the initial gains and the index plunged to lower levels.
The hustle continued for the entire session as we witnessed an
intense tug of war between bulls and bears. The trail-end sell-off led
Nifty not only to pare down the initial gains but slipped into negative
territory. Post such price action, the index finally concluded the
session near the day’s low, a tad above the 18250 level with a mere
gain of 0.13 percent.
We remain sanguine as, on a technical aspect, the index is firmly
placed above all the major exponential moving averages on the daily
chart and is in a cycle of higher highs – higher lows, construing a
positive setup. However, ahead of the monthly expiry, Nifty has
seen some tentativeness at higher levels; but we do not construe
this as any sign of worry. Traders are just opting to take some money
off the table ahead of the expiry event. As far as levels are
concerned, 18100-18200 is likely to cushion any fall in the index,
followed by the sacrosanct support of the 18000 mark. Whereas on
the flip side, the 18400-18450 is likely to remain the sturdy wall for
the index in a comparable period.
Key Levels
Support 1 – 18200 Resistance 1 – 18400
Support 2 – 18100 Resistance 2 – 18450
There have been contributions across the board, wherein the
significant benefactors that boosted the bullish sentiments were
from the PSU Banking space. Looking at the recent
developments, it is advisable to avoid aggressive bets as
the market might act volatile on the expiry day. Meanwhile, we
advocate to keep Identifying apt themes and potential movers
within the same that are likely to provide better trading
opportunities and stay abreast with global developments.
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Our market witnessed a gap up opening but follow-up
buying was missing, and we could see some profit
booking around the vicinity of 18300. Though, the Nifty
made an attempt to reclaim 18300 in the latter half but
last thirty-minute selling led closing tad above 18250.
FIIs were net sellers in the cash market segment to
the tune of Rs. 790 crores. Simultaneously, in Index
futures, they bought worth Rs. 283 crores with
meaningful rise in open interest, indicating addition of
mixed bets with majority on the long side.
Yesterday, Nifty added mixed bets while banking index
hardly saw any fresh build-up. In options front, call
writers of 18300-18400 strikes added some fresh bets.
On the flip side, 18300 put added fresh positions
followed by unwinding in 18200 strike. Stronger hands
continue to curb liquidity but preferred adding bullish
bets in index futures segment. For now, the vicinity of
18200 followed by 18100 remains a demand zone;
whereas, on the higher side 18400-18450 is the study
resistance.
Comments
The Nifty futures open interest has increased by
4.94%. and Bank Nifty futures open interest has
decreased by 0.12% as the market closed at 18267.25.
The Nifty November future closed with a premium of
19.50 point against a premium of 36.80 point in the
last trading session. The December series closed at
a premium of 129.60 point.
The INDIA VIX increased from 13.84 to 14.04. At the
same time, the PCR-OI of Nifty has decreased from
0.99 to 0.92.
Few of the liquid counters where we have seen high
cost of carry are MINDTREE, IDEA, DELTACORP,
GNFC and AARTIIND.
Historical Volatility
SCRIP HV
NMDC 49.94
ZEEL 59.61
SYNGENE 36.75
SHREECEM 36.07
RBLBANK 69.36
Nifty Vs OI
17600
17700
17800
17900
18000
18100
18200
18300
18400
18500
18600
8,000
9,000
10,000
11,000
12,000
13,000
14,000
15,000
16,000
11/3 11/7 11/9 11/14 11/16 11/18 11/23
Openinterest Nifty
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
PNB 262736000 19.36 50.35 4.67
ICICIPRULI 13129500 16.91 460.10 -1.76
GMRINFRA 146925000 12.82 39.00 3.03
IPCALAB 1981850 11.24 857.60 -0.96
MFSL 6129500 11.02 642.65 -0.62
SRTRANSFIN 3609000 10.39 1334.25 -0.76
BEL 96090600 6.77 106.90 -0.56
COROMANDEL 3219300 6.61 902.75 0.38
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
GSPL 1385000 -41.56 237.85 -0.15
JUBLFOOD 13230000 -13.85 540.55 -0.99
ESCORTS 1332925 -13.25 2213.60 0.20
IGL 11605000 -12.89 412.65 -0.42
LALPATHLAB 931000 -12.71 2439.30 -0.06
DEEPAKNTR 1784750 -12.26 2128.95 0.39
POLYCAB 1343100 -11.90 2526.25 0.43
COALINDIA 31785600 -10.83 230.60 0.37
Put-Call Ratio
SCRIP PCR (OI) PCR (VOL)
NIFTY 0.92 1.01
BANKNIFTY 1.21 0.87
RELIANCE 0.55 0.58
ICICIBANK 0.63 0.41
INFY 0.66 0.59
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Technical & Derivatives Report
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Note: Above mentioned Bullish or Bearish Spreads in Nifty (Nov Series) are given as an information and not as a recommendation.
Nifty Spot =
1
8
267.25
FII Statistics for
November
2
3
, 2022
Detail Buy
Contracts
Open
Interest
Value
(in Cr.)
Sell
Net
CHANGE
INDEX
FUTURES
6052.67 5769.84 282.83
184211 17639.50 11.83
INDEX
OPTIONS
673127.65 660045.30 13082.35
2295739 219018.48 10.77
STOCK
FUTURES
34381.66 33183.91 1197.75
2078652 142479.20 (1.87)
STOCK
OPTIONS
8702.66 8850.75 (148.09) 118686 8463.60 (18.17)
Total 722264.64
707849.80
14414.84
4677288
387600.78
3.93
Turnover on
November
2
3
, 2022
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index
Futures
378749 36932.06 -98.61
Index
Options
108810163 25636.11 -98.88
Stock
Futures
2010662 139271.42 -99.05
Stock
Options
3595206 2766.14 -98.88
Total
3,595,206 2766.14 -98.97
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy
18300 38.30
29.50
70.50
18329.50
Sell
18400 8.80
Buy
18300 38.30
35.55
164.45
18335.55
Sell
18500 2.75
Buy
18400 8.80
6.05 93.95 18406.05
Sell 18500 2.75
Bear
-
Put Spreads
Action Strike Price Risk Reward BEP
Buy 18300 49.15
30.80
69.20
18269.20
Sell
18200 18.35
Buy 18300 49.15
42.20
157.80
18257.80
Sell 18100 6.95
Buy
18200 18.35
11.40 88.60 18188.60
Sell 18100 6.95
Nifty Put
-
Call Analysis
,0
2000,000
4000,000
6000,000
8000,000
10000,000
12000,000
14000,000
16000,000
17700 17800 17900 18000 18100 18200 18300 18400 18500 18600 18700 18800 18900 19000
Call Put
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`
Daily Pivot Levels for Nifty Constituents
Scrips
S2
S1
PIVOT
R1 R2
ADANIENT
3,757
3,830
3,946
4,019
4,135
ADANIPORTS
855
864
876
885
897
APOLLOHOSP 4,388 4,497
4,556 4,665 4,725
ASIANPAINT
3,077
3,089
3,102
3,114
3,127
AXISBANK
865
870
874
879
883
BAJAJ-AUTO 3,560 3,584
3,619
3,643 3,678
BAJFINANCE 6,643 6,712
6,758
6,827
6,873
BAJAJFINSV 1,615 1,626
1,641
1,651
1,667
BPCL
304
307
309
312
314
BHARTIARTL
835
839
846
850
856
BRITANNIA
4,108
4,132
4,163
4,186
4,217
CIPLA
1,085
1,096
1,110
1,122
1,136
COALINDIA
228
229
230
231
232
DIVISLAB 3,278 3,289
3,306 3,317 3,333
DRREDDY 4,335 4,370
4,395 4,430
4,455
EICHERMOT 3,348 3,364
3,392
3,408 3,436
GRASIM
1,683
1,693
1,703
1,713
1,723
HCLTECH
1,093
1,098
1,105
1,110
1,117
HDFCBANK
1,588
1,594
1,599
1,605
1,610
HDFCLIFE
538
543
546
551
554
HDFC
2,610
2,624
2,637
2,651 2,664
HEROMOTOCO
2,620
2,639
2,668 2,688
2,717
HINDALCO
427
430
435
438
442
HINDUNILVR 2,488 2,498
2,511 2,521 2,534
ICICIBANK
920
923
928
932
936
INDUSINDBK
1,151
1,163
1,173 1,185
1,195
INFY
1,572
1,578
1,585
1,590
1,598
ITC
335
338
340
342
344
JSW STEEL
703
712
717
726
731
KOTAKBANK
1,938
1,946
1,954
1,961
1,969
LT 2,003 2,014
2,029
2,040 2,055
M&M 1,217 1,226
1,233
1,243
1,250
MARUTI 8,855 8,895
8,942 8,982
9,029
NESTLEIND
19,326
19,446
19,629
19,749
19,932
NTPC
166
167
168
169
170
ONGC 134 135
136
137
138
POWERGRID
212
213
216
218
221
RELIANCE
2,537
2,547
2,562
2,573
2,588
SBILIFE
1,208
1,217
1,226
1,235
1,244
SBIN 597 603
606
611
615
SUNPHARMA
1,006
1,012
1,015
1,021
1,025
TCS
3,271
3,290
3,310
3,329
3,349
TATACONSUM
759 765
770
776 781
TATAMOTORS 419 422
425
428
432
TATASTEEL 104 105
105
106
107
TECHM 1,031 1,037
1,048
1,055
1,065
TITAN
2,567
2,584
2,608
2,626
2,650
ULTRACEMCO 6,740 6,782
6,843 6,885 6,946
UPL
760
764
770
774
780
WIPRO
386
387
390
391
394
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Technical and Derivatives Team:
Sameet Chavan Chief Analyst – Technical & Derivatives sameet.chavan@angelone.in
Sneha Seth Senior Analyst – Technical & Derivatives sneha.seth@angelone.in
Rajesh Bhosale Technical Analyst rajesh.bhosle@angelone.in
Osho Krishan Senior Analyst – Technical & Derivatives osho.krishan@angelone.in
Research Team Tel: 022 – 39357600 Website: www.angelone.in
For Technical Queries E-mail: technicalresearch-cso@angelone.in
For Derivatives Queries E-mail: derivatives.desk@angelone.in
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